Are you coming around to the idea of a comprehensive security system for your home or commercial property? It’s likely that one of the multiple benefits have convinced you, including protection against losses, the deterring of crime, and that all-important peace of mind. But there’s another big benefit that you may not have considered – a security system insurance discount.
Most home and business owners think about security systems for the headline advantage – protection of the people and things you care about and are most valuable to you. But did you know that it’s very common to get an insurance discount for security system measures of up to 20%?
But how does a security system lower home insurance (and commercial insurance) so significantly? In other words: what’s in it for them, exactly?
1. Your home/business is safer
Insurers know that household and business insurance costs are significant for you – so they’re happy to offer you a generous discount if you’ve taken your own measures to make your place more secure and the risks of crime lower. The more you lower the risk, the better the discount, typically ranging from 5-20% but sometimes even more, especially for business insurance costs.
2. Your home/business is monitored
You’ll get the biggest insurance discount for security system measures that are the most comprehensive – like active camera & alarm monitoring. Remember, your insurer is taking a risk by promising to pay for the consequences of a security breach, and if eagle-eyes and technology are on the case around the clock, the risk is a lot lower.
3. Your area will be lower risk
An insurer will take more into consideration than just your property when coming up with that insurance cost. For instance, when you implement a comprehensive security system of alarms, monitoring, CCTV cameras and perhaps even security guards and sophisticated access control measures, it’s likely the properties around you have similar attitudes about their own security. That results in a more secure neighbourhood – and lower premiums for all!
4. Knock-on benefits of security measures
For the insurer, there’s a reduced risk of burglary and crime. Since the security system reduces breakins, you are unlikely to lose your no claim bonus keeping your rates low. There are other benefits as well. For instance, comprehensive security systems also commonly include monitoring and protection for fire, flood and other non-crime related insurance risks, potentially opening you up to even greater discounts.
Of course, the precise discount for security systems for commercial properties and homes depends on a range of variable factors, including:
- Your location
- The type of cover
- The property activities/features
- The insurance provider
- The extent of your security system features.
Lower your business insurance costs
But generally, the more you do to make your property more secure, the bigger that discount and negotiating strength will be. As one of Sydney’s oldest and foremost names in comprehensive and high-quality security service solutions, CitiGuard Protection Services know all the ins and outs of how home and business owners can protect their properties, people and bottom line. Get in touch with our experts today.